Investors are lining up for companies in the Indian cryptocurrency and blockchain industry.
The total risk funding in domestic crypto and blockchain startups shot up to $587.16 million as of October 17 this year, compared to $37 million in the previous year, the highest ever, according to data shared with ET by industry tracker Tracxn.
The bulk of the capital has come from international investors eager to cash in on India’s large customer base as they backed companies with significant traction, industry players said.
“We are in a macro bull market rally. There's a lot of capital on the side lines for high traction firms. There's also a lot of liquidity; for example, the Coinbase listing in April generated new wealth, which is looking for new places to be deployed,” said Joel John, an investor at digital asset venture capital firm Ledgerprime.
Crypto exchange platforms CoinDCX and Coinswitch Kuber - the two new crypto unicorns in India -- have alone raked in almost 60% of the capital raised this year.
Continue reading: https://economictimes.indiatimes.com/tech/technology/funding-spree-continues-for-local-crypto-companies/articleshow/87095594.cms?from=mdr
The total risk funding in domestic crypto and blockchain startups shot up to $587.16 million as of October 17 this year, compared to $37 million in the previous year, the highest ever, according to data shared with ET by industry tracker Tracxn.
The bulk of the capital has come from international investors eager to cash in on India’s large customer base as they backed companies with significant traction, industry players said.
“We are in a macro bull market rally. There's a lot of capital on the side lines for high traction firms. There's also a lot of liquidity; for example, the Coinbase listing in April generated new wealth, which is looking for new places to be deployed,” said Joel John, an investor at digital asset venture capital firm Ledgerprime.
Crypto exchange platforms CoinDCX and Coinswitch Kuber - the two new crypto unicorns in India -- have alone raked in almost 60% of the capital raised this year.
Continue reading: https://economictimes.indiatimes.com/tech/technology/funding-spree-continues-for-local-crypto-companies/articleshow/87095594.cms?from=mdr
